Major investments set to bolster Singapore battery company in its energy storage system business
SINGAPORE, March 23, 2018 /PRNewswire/ — New Resources Technology Pte. Ltd. (NRT), a Singapore homegrown lithium battery company with an international presence, focusing on research, design, and manufacturing of advanced battery technologies, and energy storage system solutions, has secured a total investment of SG$52.83 million from Banpu Infinergy Company Limited (BPIN), a subsidiary of Banpu Public Company Limited, and K-IX Ace Pte. Ltd.
The funding will enable NRT to further expand its manufacturing capabilities, increase present capacity and pursue its global growth plans. The proposed expansion will bring a sales revenue of SG$ 130 million by 2019 to NRT’s overall business.
Kelvin Lim, CEO and President of NRT said, "With 2018 having been declared by the Singapore government as the Year of Climate Action, we are pleased to be a Singapore company at the forefront developing robust energy storage solutions that will enable companies to better adopt green energy solutions. This investment from BPIN, a major player in Thailand and Asia’s energy sector, is a testament to both the capabilities of Singapore led innovation and the importance of green energy."
As the largest investor with a total of SG$ 45.1 million, BPIN has 44.84% equity in the company. BPIN is a one-stop provider of total solar energy solutions using advanced technology, and its investment in NRT represents its first major move into the energy storage solutions business, which has been identified as a key component in the company’s strategy of being an integrated energy solutions company.
Mrs. Somruedee Chaimongkol, Chief Executive Officer of Banpu Public Company Limited and Director of Banpu Infinergy Company Limited said, "We were impressed with NRT’s dedication to enhancing accessibility to green technology and their focus on research and development. We believe that leaning on NRT’s technology will enhance our own offerings, and will help us to further promote the use of green energy, strengthen our presence in the sector, and create sustainable value for all Banpu’s stakeholders."
Through this investment, BPIN and NRT will jointly develop integrated energy services to provide high quality technologies and equipment catering to the markets’ needs.
"NRT is set to further strengthen its presence in Singapore and the international market for energy storage on renewable and electric cars. Our market segments include electric automotive fleets focusing on hybrid and full electric buses and passenger cars, and autonomous specialty vehicles that see great demand in markets like Europe, China, Japan and India," Lim added.
NRT has successfully grown from strength-to-strength from providing solutions to a fleet of 30 electric buses in 2011 when its products were first launched in China, to expanding its market presence globally by 2014. It has successfully installed its solutions in fleets of thousands of electric vehicles as well as energy storage systems in countries such as China, the Netherlands, India, Japan and Southeast Asian countries such as Thailand, Malaysia and Singapore.
Besides the current market segments, NRT is fast growing its Energy Storage Solutions (ESS) portfolio, which include micro and smart grids. It has a strong presence in Asia and Europe, focusing on the stationary ESS market which is integrated as part of the solar and renewable energy ecosystems.
Aligning with Singapore government’s mandate to encourage higher quality living environments for all, NRT constantly strives to enhance emissions abatement and energy efficiency.
"Through NRT’s subsidiary, Durapower Technology Group, we are working closely with Nanyang Technological University (NTU) with support from the Energy Market Authority (EMA), to develop next-generation metal oxide based batteries optimised for use in hot-climate environments that will have five times the cycle life of existing graphite based lithium ion batteries. These will provide enhanced safety, ultrafast charging and still be more cost effective. This is set to be a breakthrough in battery technology, a great leap for realizing cost-effective deployment of renewable energy storage systems," said Lim.
About New Resources Technology Pte. Ltd.
New Resources Technology Pte. Ltd. (NRT), a specialist in the design, manufacture and integration of Lithium-Ion Battery (LiB) for automotive and Energy Storage System (ESS), was established in Singapore in 2009. The company’s plant in China currently has a production capacity of 80 megawatt-hour (MWh) with plans to expand in the future to serve customers in China, Japan, India, ASEAN and European region.
About Durapower Technology Group
Durapower Technology Group is a group of companies fully owned by New Resources Technology Pte. Ltd., a Singapore company with an international presence that focused on research, design and manufacturing of advanced battery technologies, and energy storage system solutions. The company was established in 2009 with manufacturing plants in China and global network of customers in the electric automotive and energy storage sectors, including China, Europe and Japan and Southeast Asia. New Resources Technology Pte. Ltd. is also the country-representative member of the Electric Vehicle Association of Asia Pacific (EVAAP).
Since the establishment of the company, it has achieved a remarkable 100% safety track record with more than 100 million km of operational mileage. The company is a tier-one supplier to vehicle manufacturers and has its battery systems integrated in thousands of hybrid-electric (HEV)/ plug-in hybrid-electric (PHEV) and full electric (EV) vehicles in over 20 cities in China. The company had also successfully launched turnkey electric bus projects in Southeast Asia countries with full battery system, electric buses and charging infrastructures since August 2015 and has been successful in bagging contracts from around the world including the supply of ultrafast EV chargers in Singapore, battery systems for autonomous vehicles in Europe, electric cars in Japan and electric buses in Europe. This included providing fast-charging and light-weight battery system solutions for the inaugural fleet of public electric buses to roam the city of Eindhoven in the Netherlands since 2016.
About Banpu Infinergy
Banpu Infinergy Company Limited is a subsidiary of Banpu Public Company Limited, a leading Asian energy company. As a total one-stop solar energy provider, the company’s services include consultation, system design, installation, inspection and maintenance for industrial and private use with the aim of reducing electricity costs. Banpu’s expertise from operating solar farm plants in China and Japan combined with more than 30 years of experience as the leading energy provider both locally and internationally form a solid basis for Banpu Infinergy to lead Thailand towards a greener future.
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